Project Profile
Value: undisclosed
Location: 320 kilometres south of Ho Chi Minh City, Vietnam
Depth: 120 metres and 180 metres
Production: 2.7 bcm every year to around 3.6 bcm to 4 bcm every year
Start-up year: 21st of January 2003
The field is located 320 kilometres south of Ho Chi Minh City, at a water depth of between 120 metres and 180 metres. Phase-III that will raise gas output from 2.7 bcm every year to around 3.6 bcm to 4 bcm every year. The Phase-I development in the block was completed in 2002-03 with the commencement of gas production from the Lan Tay and Lan Do fields in January 2003, following which a Phase-II development programme, which involved the installation of compression facilities at the Lan Tay platform, was implemented in 2007-08.
Production from the Lan Tay field began on 21st of January 2003 at the level of 0.81 bcm, which increased to 3.63 bcm in 2007-08, out of which OVL\'s share was 1.6335 bcm in the year 2007-08. OVL\'s share in the total production of natural gas and condensate from the Lan Tay and Lan Do fields in 2008-09 amounted to 1.848 bcm and 0.046 MMT, whereas in 2007-08, it was 1.617 bcm of gas and 0.029 MMT of condensate.
The project had already generated a cash flow of US$184.28 million for OVL by March, 2006, as a result of which, by January, 2006, it had repaid its initial investment of US$157.46 million during the first phase of operations, as well as another $46.02 million spent in Phase-II. But now, it plans to embark on an ambitious new Phase-III project costing US$149.46 million (which is OVL\'s share of the investment) to find and exploit gas reserves beneath the Lan Tay and Lan Do fields in the block.
Operators:
ROSNEFT: 35% interest (operator)
onGC Videsh Ltd (OVL): 45% interest
PetroVietnam: 20% interest
Contractor:
Technip: EPC - Engineering, project management and fabrication of a main umbilical and a field umbilical